Missouri Revised Statutes
Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies
Section 380.131 - Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect.

Effective - 01 Jan 1985
380.131. Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect. — 1. After receiving notice of any loss or damage to a member's property or after the rendition of any judgment against a company, the directors of a company operating solely on an assessment basis shall verify such loss, damage or judgment and shall assess each member an amount in proportion to the amount of risk such member has with the company. Failure to pay the assessment within thirty days of notification shall justify the company in cancelling a member's policy and returning a member's deposit after deducting the amount of the assessment owed.
2. If a company has chosen to operate on a premium plus assessment basis, it shall pay all losses and judgments from premiums received or amounts collected on promissory notes. The amount deducted from each member's premiums paid or demanded from each member's promissory note shall bear such relationship to the total loss as that member's total premium bears to the total premiums collected in the calendar year that the loss is incurred. If such funds are insufficient to cover the loss or judgment, the directors may assess each member in the same manner; but, there shall not be more than one assessment for losses in any calendar year. The directors may borrow sufficient funds to pay losses until such time as they may collect the assessment. Failure to pay any assessment within thirty days of notification shall justify the company in cancelling a member's policy.
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(L. 1984 H.B. 1498)
Effective 1-01-85

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Structure Missouri Revised Statutes

Missouri Revised Statutes

Title XXIV - Business and Financial Institutions

Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies

Section 380.005 - Definitions.

Section 380.011 - Classification as Missouri mutual insurance companies — new companies prohibited.

Section 380.021 - Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements.

Section 380.031 - Exemption from insurance laws, exceptions.

Section 380.041 - Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements.

Section 380.051 - Financial statement filed annually, fee.

Section 380.061 - Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect.

Section 380.071 - Unsafe operation of business — reasonable time to remedy — failure to remedy, director's powers.

Section 380.081 - Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers.

Section 380.091 - Forms filed where — disapproval by director, notice, content — judicial review.

Section 380.101 - Policyholder in mutual to be member — eligibility — member's right to sue company.

Section 380.111 - School district's real and personal property may be insured — procedure for district to become member.

Section 380.121 - Membership fee — business basis, how established — assessment of members — reserve — return of deposits to members, when — liability of policyholder on termination of policy.

Section 380.131 - Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect.

Section 380.141 - Unsatisfied judgment against company, restraining order for transaction of new business.

Section 380.151 - Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected.

Section 380.201 - Definitions.

Section 380.211 - New companies prohibited, when.

Section 380.221 - Missouri mutual companies may elect to come under this law — procedure — farmers' mutuals to operate under this law — exemption from examination, certain agents.

Section 380.231 - Company operations limited to Missouri.

Section 380.241 - Amendment to articles and bylaws, procedure — fee.

Section 380.251 - Forms, filing and approval, fee — policy, required provisions — disapproved, procedure.

Section 380.261 - Kinds of insurance company may make.

Section 380.271 - Financial reinsurance requirements.

Section 380.281 - Mergers of certain mutual companies, procedure — merger plan, required contents.

Section 380.291 - Meeting to consider merger plan, notice — requirements.

Section 380.301 - Approval of merger plan, votes required.

Section 380.311 - Articles of merger, content — executed by corporate officers.

Section 380.321 - Director to review petition for merger — hearing to be held, when — procedure — costs.

Section 380.331 - Certificate of merger issued, when — director and secretary of state's duties.

Section 380.341 - Merger effective when.

Section 380.351 - Certificate of merger returned to whom.

Section 380.361 - Surviving corporation after merger, rights and liabilities.

Section 380.371 - Powers of a company, generally.

Section 380.381 - Board of directors, election — terms — vacancies — annual meeting, quorum, voting rights.

Section 380.391 - Misuse of company assets for private gain, penalty.

Section 380.401 - Record of investigations of company operations by director — violations, duties of prosecutor or attorney general.

Section 380.411 - Officers, how selected, tenure.

Section 380.421 - Membership in a company, eligibility.

Section 380.431 - Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements.

Section 380.441 - Liability of members — suspension of company liability during delinquency of members.

Section 380.451 - Policyholder not liable for obligations after termination of policy — notice of assessment after termination.

Section 380.461 - Company may borrow to pay losses — assessment to pay loan.

Section 380.471 - Approved investments.

Section 380.482 - Annual statement of company.

Section 380.491 - Director to examine, when — expenses.

Section 380.501 - Company may dissolve — procedure.

Section 380.511 - Company exempt from insurance laws, exception.

Section 380.521 - License for agents — agencies and brokers.

Section 380.531 - Notices, how given.

Section 380.541 - Policy cancellation — exceptions.

Section 380.551 - Waiver of provision or defense, what constitutes — evidence.

Section 380.561 - Rules, authority for, procedure.

Section 380.571 - Violations, penalties.

Section 380.581 - Powers of company in general.

Section 380.591 - Suits against company commenced when — limitation.

Section 380.601 - Conversion to a mutual insurance company — procedure.

Section 380.611 - Sale of corporate charter, penalty — exclusive right to control a company, approval by director, requirements.

Section 380.651 - Provisions inapplicable to mutual companies.